Reuters reports June 14:

Moody's cut Greece's credit rating to junk status on Monday over risks to an EU/IMF bailout package, highlighting persisting doubts over the country's ability to exist a severe debt crisis.

Analysts expect little impact from the widely anticipated multi-notch cut, which pushed the euro down but left markets unchanged. Greece will not need to return to markets soon and the ECB will still accept its bonds as collateral.

Read more: http://www.reuters.com/article/idUSTRE65D46W20100614